Issues and questions that come up during your bankruptcy period

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By jam
#195071 Hi all

Well had my Or interview today,not as bad as i thought it was going to be! :D

I got a bit worried when he said my car was not on HP(i thought it was) and it was infact a loan agreement,this is when i thought" oh hes going to take my car!!" but he then went on to say the loan will be swallowed up in the BR and because i need the car for work(i work very unsocialable hours) i could keep it :mrgreen:
Must say i was extremely shocked by this because he said my car was valued at £4200 so i think i struck lucky there!

He then went on to say my I&e looked reasonable and i could even keep my mobile phone contract :D

The only thing what im miffed about is that hes valued my home at 4k more than what i thought,so this means my partner will have to cough up more for my beneficial interest,but he did go on to say my partner can contest this figure and if i wanted to get my own valuations done then i could,so thats what im going to do.

He ended the interview saying i would be expected to pay an IPA of £90 a month,which is a far cry from the £400 i was paying in my DMP and that he would be in touch regarding the property.

So all in all im very happy with this outcome,thought it was going to be a lot worse,but the man i spoke to was pleasant,didnt judge me and made me feel at ease.

Thanks for taking the time to read my post,just wanted to share my experience with others who are waiting for their interviews.

All i can say is just be honest with them and if you dont know the answer then just say 'dont know'

Thanks once again

Jam.x
By petera
#195090 Thanks for posting that
My interview is soon and its made me a little more relaxed about it
The house valuation worries me but mentally we are prepared to lose it so we shall see what they come up with
By Tevez
#195097 I would definitely get a structural valuation done, it will cost a couple of hundred pounds but could save you thousands!!!

My Trustee just sent a kid from the local estate agents round to value ours and he hadn't got a clue. We paid for a proper valuation and it has come out £5k less.
Last edited by Tevez on Wed May 07, 2008 4:49 pm, edited 1 time in total.
By petera
#195099 £5 doesnt seem very much :lol:
User avatar
By jam
#195178 Thanks for the replies!

Yes im going to get a proper valuation done because i know our property is not worth what he quoted.

I forgot to mention to him about the early redemption fee we have got as well,which is 4k,i know some allow it and some dont but its worth a try :D

Jam.x
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By froglet
#195185 Glad your interview went well Jam....that's the worst over and done with and at least now you know where you stand (hopefully they won't change their minds on anything!!)
You were very lucky indeed with your car...he must've been in a very good mood :lol:
Just shows though, that we can never anticipate how the interview goes from person to person. I guess that's why it puts the fear of God into us :shock: Funny also, how they evaluate properties (or not as in the case with me). They just weren't interested, took my evaluation at face value when I have a strong suspicion my property has a much higher value despite leaky roof!
User avatar
By jam
#195192 Thanks froglet

Yes you are right how the interviews differ from person to person and yes ive been extremely lucky about keeping the car im still in shock :shock:

He just said he had valued it at £4200,but after taking off what it would cost to sell it at auction,he said it wasnt worth it and that i get to keep it :D but on the other hand he was adamant that my house was worth 4k more than what i had stated to him and thats when he said my partner can contest this figure and get own valuations done.

I was also surprised that he let me keep my mobile phone contract,to be honest he didnt seem that interested in it,just said "yes,for £24 a month i will allow it" and he didnt change anything on my I&E :D

Jam.x
User avatar
By Kaiser Soze
#195265 Glad it went well.

Things should get even better now.
User avatar
By jam
#195702 Received a letter this morning off the OR stating that my car is exempt from the bankruptcy and that my IPA is £90 a month,which he stated at the interview :D

Im well chuffed nothing as changed.

Just the house to sort out now :(

Jam.x